The past week reminded us of three truths. The first is that the eurozone crisis will not be over until it is truly resolved — that is, when the excess debt is written off. The second is that something that is unsustainable will have to stop eventually. We saw this when the Greek electorate put an end to a policy that failed to deliver, even on its own narrow terms, a fall in the debt burden.
The third is that accidents happen.
Of all foreseeable accidents, the potentially most catastrophic would, of course, be Grexit — a Greek exit from the eurozone. This could happen but it is by no means inevitable.
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